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710:50-15-109. Credit for qualified employers and employees of the aerospace sector

(a)General provisions. For tax years beginning after December 31, 2008 three (3)credits are allowed against the tax imposed by Section 2355 of Title 68 for theemployment of qualified employees in the aerospace sector. The three (3) credits are asfollows:

(1) Credit for qualified employers for tuition reimbursement to qualifiedemployees.

(b)Definitions. The following words and terms, when used in this Section, shall havethe following meaning, unless the context clearly indicates otherwise:

(1) "Aerospace sector" is a private or public organizationthat is:

(A) a manufacturer of aerospace or defense hardware and/or software;

(B) provides aerospace maintenance, repair or overhaul;

(C) supplies parts to the aerospace industry;

(D) provides services and/or support relating to the aerospace industry;

(F) provides research and development of aerospace technology andsystems, or

(G) provides education or training of aerospace personnel.

(2) "Compensation" includes salary or other remuneration, wages subject towithholding tax paid to either a part-time

employee or full-time employee andpayments in the form of contract labor for which the payor is required to providea Form 1099 to the person paid. Compensation does not include any employer-provided benefits, including but not limited to retirement, medical or health-carebenefits; reimbursement for travel, meals, lodging or any other expense.

(3) "Institution" is any institution included within The Oklahoma State System ofHigher Education or any other public or private college or university that isaccredited by a national accrediting body.

(4) "Qualified employer" is an entity whose principal business activity involvesthe aerospace sector. This includes sole proprietors, general partnerships, limitedpartnerships, limited liability companies, corporations, or any other legallyrecognized business entity, or public entity.

(5) "Qualified employee" is any person newly employed by or contracting with aqualified employer on or after January 1, 2009 employed in Oklahoma. Further,the person must have been awarded an undergraduate or graduate degree from aqualified program by an institution. Qualified employees do not include personemployed in the aerospace sector in this state immediately preceding employmentor contracting with a qualified employer.

(6) "Qualified program" is any program that awards undergraduate or graduatedegrees and has been accredited by the Engineering Accreditation Commission ofthe Accreditation Board for Engineering and Technology (ABET)

(7) "Tuition" is the average annual amount paid by a qualified employee forenrollment and instruction in a qualified program. Tuition does not include thecost of books, any other fees or the cost of room and board.

(c)Credit for tuition reimbursement.

(1) Qualified employers are allowed a credit against the tax imposed pursuant toSection 2355 of Title 68 of the Oklahoma Statutes based on the amount of tuitionreimbursed to a qualified employee. This credit is effective for taxable yearsbeginning after December 31, 2008.

(2) The credit for tuition reimbursement may only be claimed if the qualifiedemployee has been awarded an undergraduate or graduate degree within one (1)year of starting employment with the qualified employer. The undergraduate orgraduate degree must be from a qualified program.

(3) The credit for tuition reimbursement is equal to fifty percent (50%) of thetuition reimbursed to a qualified employee and may be claimed for the firstthrough fourth years of employment with the qualified employer. The credit isonly allowed to be claimed in the tax year that the tuition was reimbursed to thequalified employee and may not exceed in any taxable year fifty percent (50%) ofthe average annual amount paid by a qualified employee for enrollment andinstruction in a qualified program at a public institution in Oklahoma.

(4) The credit for tuition reimbursement may not be used to reduce the taxliability of the qualified employer to less than zero (0), is not transferable and maynot be carried over.

(5) The credit for tuition reimbursement may not be claimed after the fourth yearof employment of the qualified employee.

(d)Credit for compensation paid.

(1) Qualified employers are allowed a credit against the tax imposed pursuant toSection 2355 of Title 68 of the Oklahoma Statutes for compensation paid to aqualified employee. This credit is effective for taxable years beginning afterDecember 31, 2008.

(2) The credit for compensation paid equals:

(A) Ten percent (10%) of the compensation paid for the first through fifthyears of employment in the aerospace sector if the qualified employeegraduated from an institution located in this state.

(B) Five percent (5%) of the compensation paid for the first through fifthyears of employment in the aerospace sector if the qualified employeegraduated from an institution located outside this state.

(4) The credit for compensation paid may not be used to reduce the tax liability ofthe qualified employer to less than zero (0), is not transferable and may not becarried over.

(5) The credit for compensation paid may not be claimed after the fifth year ofemployment.

(e)Credit for qualified employees.

(1) For taxable years beginning after December 31, 2008, a qualified employeeshall be allowed a credit against the tax imposed pursuant to Section 2355 of Title68 of the Oklahoma Statutes of up to Five Thousand Dollars ($5,000.00) per yearfor a period of time

not to exceed five (5) years.

(2) The credit authorized by this section shall not be used to reduce the taxliability of the taxpayer to less than zero (0).

(3) Any credit claimed, but not used, may be carried over, in order, to each of thefive (5) subsequent taxable years.